PJ Bain is Chief Executive Officer at PrimeRevenue, a global leader in working capital financial technology solutions.
It’s the $100 trillion question: What’s next for the global economy?
As much as I’d love to be able to tell you, with high conviction, precisely where the world’s financial markets are all headed, the raw truth is that there remains a number of unresolved issues and crises—from geopolitical conflicts to the battle over inflation and broader macroeconomic uncertainty—which, all together, indicate the remainder of 2023 and even 2024 will be filled with continued uncertainty, volatility and disruption.
Of course, there is also the possibility that all these various storms will clear up over that timeframe. But no one—neither you nor me—has control over that.
So, if you’re a business leader or employee, what is it, in these circumstances, you can control? The short answer: your mindset and your actions. Here are some considerations that I encourage you to reflect on, thinking about how they apply to yourself, your company and your own plan to navigate through these months and years ahead.
• It is a fact of life that there are certain things you simply cannot control. Once you are at peace with that and let go of those things, it is truly empowering. After all, if you spend all your time and energy on those things, that’s a guarantee for never-ending frustration and disappointment, right?
Stephen Covey elaborates on this point quite articulately in his classic book, The 7 Habits of Highly Effective People. Once you shift your focus to what truly matters and what you actually have control over, you unlock tremendous benefits and opportunities—for yourself, your company and your career.
• What is the inevitable result of economic uncertainty, volatility and disruption? Market opportunities. Venmo. WhatsApp. Uber. What do they have in common? They were each started during the Great Recession. And if you go back in time even further, there are many other household names that were launched in the midst of economic downturns.
The general idea here is that economic uncertainty and volatility lead to the emergence of new consumer and business needs, which creates fertile ground for opportunity and innovation. For company leaders and employees, accepting and embracing all of this and adapting their mindset accordingly goes a long way in positioning themselves to successfully navigate through the headwinds.
• Two fundamental ingredients for success through uncertainty are discipline and resilience. Now, admittedly, this is a topic I wrote about at length in a piece published earlier this year. Though some time has passed since then, the subject matter remains as relevant as ever.
As I suggested before, here are some questions to ask yourself: “What can you do differently from everybody else? What upfront, difficult work can you do now that will have a positive, compounding effect later? How can you make yourself and your impact invaluable? Or even undeniable?”
By taking time to honestly reflect on those questions and then following through with consistent action, you can cultivate and equip yourself with the discipline and resilience that pave the way for your success.
Since, after all, my own area of expertise is supply chains and working capital, I do feel compelled to mention how this all applies within that context. While companies don’t have control over supply chain shortages, industry trends or broader market conditions, what they do have control over is the measures they choose to take in order to free up liquidity and cash flow, whether that be supply chain finance, receivables finance or dynamic discounting. At the end of the day, each of those measures helps enhance supply chain resilience.
So, how does all of this apply to you, your own company and your own industry?
I encourage you to ponder that question, and I look forward to seeing you on the other side of the storm.
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